N.J. Admin. Code § 19:31K-1.3

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31K-1.3 - Eligibility

(a) A business shall be eligible to apply to the program if the Authority finds that the business:

1. Meets the definition of a technology or biotechnology business;

2. Has unused amounts of research and development tax credits and/or unused net operating loss carryover; and

3. Meets the definition of new or expanding.

(b) No application shall be approved in which the business:

1. Has demonstrated positive net operating income in any of the two previous full years of ongoing operations as determined on its financial statements;

2. Is directly or indirectly at least 50 percent owned or controlled by another corporation that has demonstrated positive net operating income in any of the two previous full years of ongoing operations as determined on its financial statements or is part of a consolidated group of affiliated corporations, as filed for Federal income tax purposes, that in aggregate has demonstrated positive net operating income in any of the two previous full years of ongoing operations as determined on its combined financial statements. For purposes of this paragraph, a corporation that directly or indirectly owns or controls at least 50 percent of the applicant and a corporation that is part of a consolidated group of affiliated corporations with the applicant shall be considered to have net operating income only if the corporation must report net operating income in its financial statements; or

3. Filed its application, such that the Authority received the application after June 30 of the program cycle year.

N.J. Admin. Code § 19:31K-1.3

Amended by R.2000 d.297, effective 7/17/2000.
See: 32 N.J.R. 1705(a), 32 N.J.R. 2602(c).
In (a)3, inserted "or no" following "negative net".
Amended by R.2003 d.443, effective 11/3/2003.
See: 35 N.J.R. 3466(a), 35 N.J.R. 5162(a).
In (a)4, inserted last sentence.
Amended by R.2006 d.284, effective 8/7/2006.
See: 38 N.J.R. 1801(a), 38 N.J.R. 3184(c).
In (a)2, inserted "and" at the end; rewrote (a)3; deleted (a)4; and added (b) and (c).
Amended by R.2010 d.206, effective 10/4/2010.
See: 42 N.J.R. 1348(a), 42 N.J.R. 2322(b).
In (a)3, deleted ", provided that returning applicants are not required to meet this condition of eligibility"; in (b)1, inserted "operating" and "or"; deleted former (b)2; recodified former (b)3 as (b)2; in (b)2, inserted "operating" twice; and deleted (c).
Amended by R.2013 d.099, effective 8/5/2013.
See: 45 N.J.R. 1098(a), 45 N.J.R. 1921(b).
In (b)1, deleted "or" from the end; in (b)2, substituted "; or" for a period at the end; and added (b)3.
Amended by R.2015 d.135, effective 8/17/2015.
See: 47 N.J.R. 987(a), 47 N.J.R. 2186(a).
Rewrote (b)2.

Recodified from 19:31-12.3 56 N.J.R. 807(a), effective 5/6/2024